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Bread Financial (BFH) Q4 2025 earnings call confirms operational inflection exiting credit cycle trough. Trading at forward P/E 6.3 despite four consecutive massive beats (Q4 +334% vs est) and clear improvement trajectory. Net loss rate 7.4% (down 60bp YoY), delinquency 5.8% (down 10bp YoY, 20bp seq

Bread Financial Holdings disclosed material improvement in credit metrics on its Q4 2025 earnings call, signaling a potential exit from the credit tightening cycle that has weighed on the private label credit card lender. The company reported a net loss rate of 7.4%, down 60 basis points year-over-y